Needham & Company Reiterates a 'Buy' on Cubist Pharmaceuticals (CBST); 3Q11 U.S. Cubicin Sales Well Above Expectations
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Price: $101.94 --0%
Rating Summary:
6 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Cubist Pharmaceuticals (NASDAQ: CBST) price target raised from $39 to $42.
Needham analyst says, "Cubist reported $186.4 (+20.7% y/y) in 3Q11 U.S. Cubicin sales last night, well above our $170M and street $171M expectations. Total revenues were $201.7M and GAAP EPS was $0.33. Our EPS estimate was $0.26. Management raised 2011 U.S. Cubicin sales guidance to $695-700M (was $660-675M)...The stock is attractive in an uncertain macroeconomic environment given steady cash flow from Cubicin. Cubist is considered an appealing acquisition candidate, although the company is moving CXA-201 into an expensive Phase 3 program with regulatory risk in pneumonia, which may deter some suitors."
"We are raising our U.S. Cubicin sales estimates. Our new 2011 and 2012 total revenue estimates are $753M (was $709M) and $845M (was $777M). Our new 2011 and 2012 GAAP EPS estimates are $0.72 (was $0.60) and $2.15 (was $1.38). Our PT is 19.5x our 2012 EPS est."
For more ratings news on Cubist Pharmaceuticals click here and for the rating history of Cubist Pharmaceuticals click here.
Shares of Cubist Pharmaceuticals closed at $36.42 yesterday.
Needham analyst says, "Cubist reported $186.4 (+20.7% y/y) in 3Q11 U.S. Cubicin sales last night, well above our $170M and street $171M expectations. Total revenues were $201.7M and GAAP EPS was $0.33. Our EPS estimate was $0.26. Management raised 2011 U.S. Cubicin sales guidance to $695-700M (was $660-675M)...The stock is attractive in an uncertain macroeconomic environment given steady cash flow from Cubicin. Cubist is considered an appealing acquisition candidate, although the company is moving CXA-201 into an expensive Phase 3 program with regulatory risk in pneumonia, which may deter some suitors."
"We are raising our U.S. Cubicin sales estimates. Our new 2011 and 2012 total revenue estimates are $753M (was $709M) and $845M (was $777M). Our new 2011 and 2012 GAAP EPS estimates are $0.72 (was $0.60) and $2.15 (was $1.38). Our PT is 19.5x our 2012 EPS est."
For more ratings news on Cubist Pharmaceuticals click here and for the rating history of Cubist Pharmaceuticals click here.
Shares of Cubist Pharmaceuticals closed at $36.42 yesterday.
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